Exhibit 99.1
($ in millions) | Return on survey investments - 2008 - 2012 | ||||||
Year | |||||||
Mileage (sq mi) | Net investment | 1 | 2 | 3 | |||
Weighted average returns: | 37.6% | 36.0% | 40.7% | ||||
Cumulative returns (2008-2012) | 11,637 | $299.2 | 37.6% | 76.9% | 125.0% | ||
Cumulative returns by vintage(a): | Cumulative resales | Multiple of net investment | |||||
2008 | 2,529 | $57.1 | 36.4% | 70.2% | 116.7% | $85.0 | 1.5x |
2009 | 1,577 | $36.5 | 33.4% | 94.8% | 153.5% | $61.1 | 1.7x |
2010 | 1,957 | $51.0 | 42.0% | 92.6% | 113.8% | $58.0 | 1.1x |
2011(b) | 3,073 | $91.5 | 45.8% | 65.1% | $59.6 | 0.7x | |
2012(c) | 2,501 | $63.1 | 25.7% | $16.2 | 0.3x |
(a) | Surveys included in each vintage based on when such survey was available for licensing. Net investment is typically incurred over more than one year for new data acquisition projects. As a result, the vintage net investment may not correspond to accrual-based net cash capex as reported in a given calendar year. |
(b) | 2011 net investment includes $84.1 million already incurred and $7.4 million which has been committed. |
(c) | 2012 net investment includes $44.6 million already incurred and $18.5 million which has been committed. |
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Reconciliation of Information Used to Calculate Returns on Net Investment to Returns on Gross Investment(a) | ||||||||
Resales / Total Revenue by Year | Cumulative Resales/Total Revenue | |||||||
($ in millions) | Investment | 1 | 2 | 3 | ||||
2008 vintage | Net investment / resales | $57.1 | $20.8 | $19.2 | $26.6 | $85.0 | ||
Acquisition revenue | 77.8 | 77.8 | — | — | 77.8 | |||
Revenue recognition adjustments | (9.9) | 5.3 | 4.5 | — | ||||
Total investment / total revenue | $134.9 | $88.7 | $24.6 | $31.1 | $162.9 | |||
2009 vintage | Net investment / resales | $36.5 | $12.2 | $22.4 | $21.5 | $61.1 | ||
Acquisition revenue | 64.7 | 64.7 | — | — | 64.7 | |||
Revenue recognition adjustments | — | — | — | — | ||||
Total investment / total revenue | $101.2 | $76.9 | $22.4 | $21.5 | $125.9 | |||
2010 vintage | Net investment / resales | $51.0 | $21.4 | $25.8 | $10.8 | $58.0 | ||
Acquisition revenue | 73.9 | 73.9 | — | — | 73.9 | |||
Non-monetary exchanges | — | 2.1 | 0.1 | 2.2 | ||||
Revenue recognition adjustments | (12.8) | 12.8 | — | — | ||||
Total investment / total revenue | $124.9 | $82.5 | $40.8 | $10.9 | $134.2 | |||
2011 vintage | Net investment / resales | $91.5 | $41.9 | $17.6 | $59.6 | |||
Acquisition revenue | 117.5 | 117.5 | — | 117.5 | ||||
Revenue recognition adjustments | (25.2) | 13.9 | (11.2) | |||||
Total investment / total revenue | $209.0 | $134.3 | $31.6 | $165.9 | ||||
2012 vintage | Net investment / resales | $63.1 | $16.2 | $16.2 | ||||
Acquisition revenue | 79.3 | 79.3 | 79.3 | |||||
Revenue recognition adjustments | (10.2) | (10.2) | ||||||
Total investment / total revenue | $142.4 | $85.3 | $85.3 | |||||
Year 1 | Year 2 | Year 3 | ||||||
Net investment / resales | ||||||||
Weighted average returns | 37.6% | 36.0% | 40.7% | |||||
Cumulative (2008-2012) | $299.2 | 37.6% | 76.9% | 125.0% | ||||
Total investment / total revenue | ||||||||
Weighted average returns | 65.7% | 20.9% | 17.6% | |||||
Cumulative (2008-2012) | $712.5 | 65.7% | 88.0% | 110.6% |
(a) | Surveys included in each vintage based on when such survey was available for licensing. Typically, net/gross investment is being incurred and acquisition revenue is being generated over more than one year for new data acquisition projects. As a result, the figures presented on this page may not correspond to accrual-based financials as reported for a given calendar year. |
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